South Jersey Industries obtains $150 million 364-day term loan

By Wendy Van Sickle

Columbus, Ohio, March 31 – South Jersey Industries, Inc. entered into and fully borrowed a $150 million 364-day term loan agreement on March 26 with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest is Libor plus 100 basis points.

PNC and KeyBank NA are the lenders.

The credit agreement also includes a financial covenant limiting the ratio of consolidated debt to consolidated total capitalization to not more than 0.7 to 1.0.

Proceeds may be used for general corporate purposes, including the repayment of debt, financing of capital expenditures and working capital.

Folsom, N.J.-based South Jersey is a publicly held energy services holding company for a natural gas utility and other non-regulated companies.

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